China's fiscal revenue up 16.3% in first nine months

BEIJING -- China's fiscal revenue logged a year-on-year increase of 16.3 percent in the first nine months of the year, official data showed Friday.

The country's fiscal revenue amounted to 16.4 trillion yuan (about $2.56 trillion) during the period, according to data from the Ministry of Finance.

Tax revenue came in at 14.07 trillion yuan in the January-September period, up 18.4 percent, year-on-year.

Revenue from value-added tax, the largest source of fiscal revenue in the country, jumped 17.4 percent from a year earlier to 5.01 trillion yuan.

The central government and local governments collected 7.65 trillion yuan and 8.75 trillion yuan in fiscal revenue, respectively, with a year-on-year rise of 17.1 percent and 15.6 percent.

Friday's data also showed that China's fiscal spending went up 2.3 percent, year-on-year, to 17.93 trillion yuan in the nine months.

Fiscal spending on education rose 5.2 percent year-on-year, while health and medical care spending grew by 2.3 percent, said the ministry.